Hi All - I'm a new Virginia LLC start up and have a few questions as I work to understand how I'll be taxed.

Scenario:
Our year end profit is $100,000.

A) As a single member LLC is the total $100,000 taxed as income for the owner? Federal income tax rate schedule tax is $17,891.25 + 28% of amount over 87850. Does this mean that I'm left with $78707 after deducting 21293 (17871+3406)?

B) 15.3% FICA tax includes SS and Medicare Employee and Employer Contributions. Do I deduct another $15,300 for this leaving me with $63,407 in net income?

C)Do I also pay PUTA and SUTA?

D)What about state taxes?

E) Is there anything that can be done to reduce tax liability?

F) What's the difference between start-up expenses and write offs once you're already in business?

ANY help is greatly appreciated!

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A. Yes
B. Yes
C. Don't know what PUTA and SUTA are. You don't pay any federal or state unemployment tax
D. You will owe state incomes on your profit
E. Establish and contribute to an IRA.
F. You can deduct up to $10,000 in start up expenses in the year your business begins. There is no limit as to your business deductions once your business does begin.

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pushing this post back up.

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